Md. Comptroller calls for fiscal caution after FY2021 revenues projected

MARYLAND – The Maryland Board of Revenue Estimates met Tuesday and projected tax revenue to be at about $18 billion for Fiscal Year 2021. That’s $1.4 billion more than estimates made earlier this year at the beginning of the COVID-19 pandemic. “The federal stimulus really worked, but it’s over now. We need a second stimulus to bridge us to where we have a medical solution for the virus. That I think is something that is still unpredictable and uncertain,” said Maryland Comptroller Peter Franchot.

Comptroller Franchot tells 47ABC that while this sounds like good news, Marylanders should still be careful in a fiscal sense. He says that the first federal stimulus package helped to boost those numbers. But unless there’s a second package, there could be more financial trouble ahead. “There’s a lot of unpredictability. It kind of feels like there’s a giant tornado that we can see in the sky over Maryland. We just don’t know when it’s going to touch down or how much damage it’s going to do. We know if certain things aren’t done we’re going to be in for it,” said Comptroller Franchot.

The comptroller says that Maryland can make quick economic recovery if a cure for the virus is found. Comptroller Franchot says he believes this because he thinks people haven’t been spending as much, and will be excited to get out once they feel safe.